Many Happy Returns Accountants
Tax Department Payroll
Number of Hourly Regular Overtime
Name Dependents Wage Hours Hours Gross Pay
Dwyer 2 $8.00 40 8
Smith 2 $7.25 40 8
Brown 2 $8.00 40 10
Look 3 $9.00 35 0
Thomas 1 $9.20 40 0
Gonzolaz 1 $10.00 40 4
Synder 4 $14.00 40 8
Franklin 0 $6.35 20 0
Kennedy 14 $7.25 38 0
Willson 0 $10.00 40 5
Johnson 2 $7.35 15 0
Schmitz 7 $8.20 10 0
Totals
Assumptions Summary
Deduction per
Dependent 50
Overtime Rate 1.5 Average Gross Pay
Withholding Tax 28.00% Highest Gross Pay
Social Security Tax 7.65% Lowest Gross Pay
Prepared by: Todays Date:
Notes:
Gross Pay = Regular Hours x Hourly Wage + Overtime Hours x Hourly wage x Overtime Rate
Taxable Income = gross pay - the deduction per dependent x the number of dependents
Withholding Tax = Taxable Income x Withholding Tax Rate
Soc Sec Tax = Taxable Income x Soc Sec Tax Rate
Net Pay = Taxable Income - Withholding Tax + Soc Sec Tax
ccountants
Payroll
Withholding
Taxable Income Tax Soc Sec Tax Net Pay
age Gross Pay
est Gross Pay
st Gross Pay
1/14/2012
Overtime Rate
dents